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Note from dshort: The Nikkei 225 closed today's session down 1.33%, falling below the 9000 level for the first time since May 1, 2009.


Here is an that gives a close-up view of the cyclical rallies and their duration during Japan's secular bear market, now in its 20th year.

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(Click to enlarge)

I've been posting weekly updates of a mega-bear market charts (here and here) that include Japan's Nikkei 225. In addition, every few months I update an inflation-adjusted overlay of the Nikkei 225 and S&P 500 bubbles.

The table below documents the advances and declines and the elapsed time for each cycle.

Nikkei 225 Advances and Declines

(Click to enlarge)

For the sake of comparison, the S&P 500 interim high thus far is 79.9% (set April 23) above the low in March 2009.

Disclosure: No positions

Source: Japan's Post-Bubble Rallies: New Update